Flying cars Terrafugia to take off with $960K funding

By IBT Staff Reporter01/15/11 AT 2:02 AM

Terrafugia Inc., the Woburn maker of a flying car, has taken in $960,000 in new equity financing, according to a recent filing with the Securities and Exchange Commission (SEC). This adds to the $2 million the company raised in a Series-B round held in May.

Terrafugia last took funding in May, landing $2 million in a Series B round. At the time, CEO Carl Dietrich declined to disclose any backers involved in that round. That federal filing also listed as directors Bouwers, Weaver and Dukach.

Earlier this month, Terrafugia signed on as the largest subcontractor on a $65-million Defense Advanced Research Projects Agency (DARPA) project to build a four-person flyable and road vehicle.

CEO Carl Dietrich said at the time: This DARPA program effectively leverages Terrafugia's core competencies and enables us to grow from a pure GA company to an emerging aerospace company with both general aviation and defense development programs. Our strong team of Terrafugia engineers, with recent experience designing and building a dual purpose vehicle, will bring a unique perspective to the TX program that is highly valued by DARPA and the other contractors on our TX team.

In September, the company announced it was setting up its Woburn facility for low volume production that could begin as soon as late 2011.